From oil giants to banks - these companies are making billions from Iran war

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🗞️ Driving the news: While households and governments grapple with soaring energy costs from the Iran war, major oil companies, banks, defense contractors and renewable energy firms are reporting surging profits

🔭 The context: The effective closure of the Strait of Hormuz, through which around one-fifth of global oil and gas flows, triggered major volatility across energy and financial markets
• Oil giants such as BP, Shell and TotalEnergies benefited from trading gains, while Wall Street banks profited from elevated market activity
• Defense firms saw growing demand amid heightened geopolitical tensions, and renewable energy companies gained from renewed focus on energy security

🌍 Why it matters for the planet: The conflict highlights the deep vulnerability of fossil fuel-dependent economies to geopolitical shocks
• At the same time, rising interest in renewables, electrification and energy resilience could accelerate parts of the clean energy transition, even as higher oil prices also generate windfall profits for fossil fuel producers

⏭️ What’s next: Governments are likely to face growing pressure to reduce exposure to fossil fuel supply disruptions through domestic renewables, storage, efficiency and electrification
• Defense and energy markets remain highly sensitive to developments in the Middle East

💬 One quote: “The conflict has reinforced gaps in air defence capability, accelerating investment in missile defence, counter drone systems and military hardware.” — Emily Sawicz, RSM UK

📈 One stat: JP Morgan’s trading division generated a record $11.6 billion in revenue during the first quarter of 2026

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